One of the big debates that has been raging around the rezoning of Midtown East is how it might impact development already underway around the city, much of it funded in part by the public sector, and thus taxpayers. Should these projects fail, Joe Public could lose out on his investment.
The World Trade Center and Hudson Yards have been two focal points, but Manhattan West, which broke ground yesterday, ought to be considered, too. While the project’s backers bragged at the groundbreaking about building without public subsidy, they are still competing for the same anchor tenants as their rivals further east. Furthermore, the $2 billion the city contributed to the construction of the 7 train nearby is to be paid back through property taxes on the new projects. No new development, no bond proceeds, big trouble for the city.
Still, Mayor Bloomberg is standing by the decision to fast-track the Midtown rezoning and ensure it gets completed this year.
For the second time in as many months, Mayor Michael Bloomberg trekked out the Far West Side for a groundbreaking on a major new development built over a set of railroad tracks. While Brookfield’s Manhattan West is not quite as big as The Related Company’s Hudson Yards, in its size and scale and heft and sheer exclamation of the arrival of this once derelict corner of the city, the project measures up pound for pound. Some 5.4 million square feet of offices and housing and shopping on not much more than one city block.
“With today’s groundbreaking, we’re taking a major step forward in the transformation and rebirth of the Far West Side of Manhattan,” Mayor Michael Bloomberg said from the podium at the corner of 33rd Street and Ninth Avenue.
Occupy Wall Street
After Brookfield announced this morning it will postpone the evacuation (or, as the protestors said, “eviction”) of Zuccotti Park for cleaning , Fox & Friends spoke with Geraldo Rivera, Liberty Plaza reporter and Geraldo at Large host. Mr. Rivera expressed some sympathy for the protestors, explaining, “There is a tremendous frustration and fear for the first time.” But, he added, “they are flailing around for someone to blame.”
Occupy Wall Street
Update: Check bottom of post for Occupy Wall Street’s official response, which involves a 6:00 a.m. “non-violent eviction defense.”
After being told that they would have to “temporarily” vacate Zuccotti Park for sanitation reasons by Mayor Bloomberg, Occupy Wall Street responded to what one member is calling “an eviction notice.”
In June, Mitch Rudin took the reins as Brookfield Office Properties’s president and C.E.O. of U.S. Commercial Operations following news that Ric Clark would relinquish his role as president of the Canadian firm, which controls downtown’s World Financial Center, while remaining on as C.E.O. of corporate operations. Last week, Mr. Rudin, 58, assessed his progress.
The Commercial Observer: So, why don’t you assess your progress over your first 60 days at Brookfield?
Mr. Rudin: It’s been terrific. I wouldn’t quite call this my midterm report card, but I’ve been here for two months, and to the extent that there have been any surprises they’ve all been pleasant.
What kind of surprises?
After seriously considering a move to midtown, Dow Jones, the parent company of The Wall Street Journal , told Off the Record this week that the company will keep its and the newspaper’s headquarters in lower Manhattan.
It is unclear where Dow Jones and The Journal will resettle downtown. Companyexecutivessay they’re keen to return to Read More
No matter how much President
George W. Bush and Defense Secretary Donald Rumsfeld plead that their new war
on terrorism will require a severe clampdown on media access, the public’s
appetite for up-to-the-minute leaks and inside reporting shows no sign of
Part of this is generational,
of course. Lines like Mr. Rumsfeld’s “the Read More
An innocuous-looking government report sits on a shelf in
John Zuccotti’s office on the sixth floor of One Liberty Plaza. Published in
1981, The Future of the World Trade
Center represents the findings of a blue-ribbon panel chaired by Mr.
Zuccotti, a former deputy mayor who was then settling into life as a
high-powered private Read More